Google, Amazon, Meta Lift Capex Forecasts; NVDA Supplies Across All Three

What happened

Alphabet, Amazon, and Meta Platforms have each raised their capital expenditure forecasts in recent quarters, signaling sustained and expanding commitments to AI data center construction. NVDA supplies the GPU hardware that underpins the majority of hyperscaler AI training and inference infrastructure. Because NVDA's chips are embedded across all three ecosystems simultaneously, the company is exposed to incremental spend growth across all three platforms regardless of which ultimately commands the largest share of AI workloads.